Selling your home for more than the list price would be welcoming news for any homeowner, I’m sure! So what can you do if you’re the one selling your home seeking the most money for your home?
As a Coral Springs and South Florida Realtor, I just sold one of my customer’s home for above list price with an executed sales contract being completed in just a couple of days. As you can imagine, the Seller was very pleased. In fact, my customer had many offers in which to choose from. Wish that could be you? Here are some tips on how to sell your home for more than the list price:
- Know your competition. Yes, life is full of competition even when you’re selling your home. Who are you competing with to get your home sold? How does their home compare to yours? Is there anything that you can do to make sure your home stands out from the competition? Sure there is.
- Know what homes have sold that are comparable to your home. How does your home compare? Was it larger/smaller, was it upgraded or not, is your home upgraded or not, was it located on a waterfront, golf course or busy road? is your home located on a waterfront, golf course or busy road? What were the condition of major expense items such as Roof or A/C? What is the condition of your Roof and A/C? Did they have a Pool? Do you have a Pool? What was the overall condition of their home? What is the overall condition of your home?
- Know what homes are currently under contract and how they compare to your home as described above in #2.
Once you know the particulars of #1, #2 and #3, you’re that much closer to setting a price to get your home sold and you can’t have an effective selling price until you know #1 ,#2 and #3.
Now you must set a List Price that is going to enable you to sell your home for more than your initial List Price. So you’re thinking why don’t I just set the price higher to begin with and then I know that I’ll receive a higher price as I can always reduce the price later. Here’s why the strategy of listing higher and reducing later, will significantly reduce your chances of receiving the highest price for your home:
- Within the first few weeks of listing your home for sale is when you’ll receive the most interested and most qualified Buyers for your home as a new listing always sparks a new pool of interested Buyers and you want to grab them while they’re hot. When your home lingers on the market after the first month, the interest dies down significantly and Buyers will then expect further price reductions as they wonder why your home hasn’t sold already.
Now back to setting a List Price that will let you sell your home for more than the List Price. Assuming your home is neat & clean and absent of clutter, setting that List Price right will have Buyers fighting over your home.
- What happens when you set the correct List Price for your home? You will find Buyers noticing your home for sale the minute it comes to market and assuming your Real Estate Agent is at the top of their marketing ability, your home will get noticed and fast. They won’t be able to schedule an appointment fast enough to see your home because it’s priced right, has many high quality photos to be viewed online and it’s exactly where they want to live.
- You’ll find that you’ll be receiving multiple offers because everything happened as described in #1 and because Buyers know that they’re not the only one fighting for your home to be their home, you’ll likely find Buyers pushing their offering price above your List Price. Yes, that’s right, above your List Price. They’re going to make sure their offer is accepted by you especially when they lost out on the last home they tried to purchase.
- When you’re in a Sellers market which we are in here in Coral Springs and South Florida, this can become more common especially when homes are priced right.
Wondering if you can sell your home for above List Price. Call me now and we’ll get you to be just like my recent customer here who sold their home for above the List Price. You can reach me at 954-464-1100 or you can email me at: LynnP@ImagineYourHouse.com